JP Morgan says price of oil could rise to US $120 because supply cuts may not be over

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JP Morgan flagged a big risk for the global economy, saying the concern is that cuts to the supply of oil “are not finished”.

JPM say this could see the oil price as high as US$120 / bbl.

And that the flow-on effect if this were to happen in the next few weeks would be “the global economy would slow to a near stall” in Q4 of 2023.